BIDENomics - THE LOOMING ECONOMIC MELTDOWN AMERICA FACES AS BIDEN ORCHESTRATES THE BIGGEST INVASION OF AMERICA IN HISTORY

WALL STREET BIDEN IS ONLY BUILDING ON THE ECONOMICS OF THE OBOMB-BIDEN REGIME THAT SAW THE GREATEST TRANSFER OF WEALTH TO THE RICH IN AMERICAN HISTORY! THERE IS A REASON WHY WALL STREET JUMPED BEHIND THE BIDEN-HARRIS PLATFORM EN MASS!

“In response to the ruthless assault of the financial oligarchy, spearheaded by Obama, the working class must advance, no less ruthlessly, its own policy.” 

“The general tone was set by the New York Times in its lead editorial on Wednesday, which described the speech as a “simple, dramatic message about economic fairness, about the fact that the well-off—the top earners, the big banks, Silicon Valley—have done just great, while middle and working classes remain dead in the water.”

“The goal of the Obama administration, working with the Republicans and local governments, is to roll back the living conditions of the vast majority of the population to levels not seen since the 19th century, prior to the advent of the eight-hour day, child labor laws, comprehensive public education, pensions, health benefits, workplace health and safety regulations, etc.”

 

Industrial Production Unexpectedly Slumped in February

Joe Raedle/Getty Images

JOHN CARNEY

16 Mar 20210

2:02

Industrial production in the U.S. fell 2.2 percent in February, the Federal Reserve reported Tuesday.

The Fed said severe winter weather in the south central region of the country in mid-February accounted for the bulk of the decline.

“Most notably, some petroleum refineries, petrochemical facilities, and plastic resin plants suffered damage from the deep freeze and were offline for the rest of the month,” the Fed said. “Excluding the effects of the winter weather would have resulted in an index for manufacturing that fell about 1/2 percent and in an index for mining that rose about 1/2 percent. Both indexes would have remained below their pre-pandemic.”

The results were far worse than expected. Economists surveyed by Econoday had forecast a 0.5 percent gain, with estimates ranging from a o.4 percent loss to a 1.6 percent gain.

Manufacturing output fell 3.1 percent, below the consensus estimate for a 0.6 percent gain. Capacity utilization tumbled to 73.8 percent, highlighting how the Texas freeze hit the industrial sector.

The output of motor vehicles and parts fell 8.3 percent, the fourth decline in the past six months. This sector has been impacted by a shortage of computer chips.

Mining output fell 5.4 percent. Utility output jumped 7.4 percent on elevated demand for heating.

Most economists see the February slump as temporary and due to severe weather rather than a sign that the broader economy faltered in the month. Manufacturing has recovered more quickly than expected, becoming a bright spot in an economy beset by covid and lockdowns.

January’s industrial production number was revised up to 1.1 percent from an initial read of 0.9 percent. Manufacturing output was revised up to 1.2 percent from 1.0 percent.

 

Retail Sales Plunge Amid February Freeze

SUZANNE CORDEIRO/AFP via Getty Images

JOHN CARNEY

16 Mar 202127

1:51

U.S. retail sales plunged by more than expected in February amid bitterly cold weather.

Retail sales declined by 3 percent in February compared with the prior month, the Commerce Department said Tuesday. Economists had expected a much smaller decline of 0.5 percent.

January’s sales, however, were revised up to show a stronger gain. Initially reported as a 5.3 percnt gain compared with December, January’s retail sales now show a 7.6 percent gain.

Retail sales were up 6 percent over the last three months compared with the same period a year ago, according to the Commerce Department.

Excluding vehicles and gas stations, retail sales dropped 3.3 percent in February. They gained an upwardly revised 8.9 percent in January.

The figures appear to reflect stimulus-induced volatility. Many U.S. households received $600 relief payments from the federal government in January.

February is typically a slow month for retail sales. The harsh weather in much of the country, including the freeze that practically shut down Texas midmonth, likely contributed to the slump.

The declines in sales were widespread. Nonetheless, sales at grocery stores advanced one-tenth of a percentage point.

On a year over year basis, sales in most categories were up. Car dealership sales are up 9.5 percent compared with a year ago. Sales at restaurants and bars, clothing stores, department stores, and electronic and appliance stores are down from 2020.

Online sales are up 25.9 percent compared with last year but fell 5.4 percent in February compared with January.

Yang: ‘Return to the Obama Years’ Not Enough for Biden — They Were Left Behind in Those Years,’ ‘They’re Pissed Off’

 

JEFF POOR

 

Late Tuesday on CNN, former Democratic presidential hopeful Andrew Yang, now a CNN contributor, warned that his old opponent, former Vice President Joe Biden could not defeat Trump with just a pledge to return to the years of former President Barack Obama alone.

According to Yang, it needed to start with an understanding of what problems facing the country led to Trump’s presidency.

“Donald Trump needs to be defeated,” he explained. “Forty-two percent of my supporters said they would not support the Democratic nominee in the general, in large part because when I ran, I ran for the problems that predated Trump. Like, Donald Trump would never be our president today if things were going well for a lot of people around the country. Bernie Sanders would not have almost been the nominee last time if things were going well for people around the country. So even as Joe Biden saying, ‘Hey, we need to defeat Donald Trump,’ he also has to say, ‘Look, things have not been working for millions of Americans, and after we defeat Donald Trump,’ we need to get deep into these problems, get our hands dirty and solve them. This can’t be a, ‘Hey, I’m better than Trump’ race. It has to be, ‘Hey. I understand how Trump became our president.'”

Yang told a CNN panel people were left behind in the Obama-Biden years, and they were not happy about it. He called on Biden to recognize that situation and address it, which he said would better his chances in the 2020 general election.

“I think he’s been talking about restoring a culture, tone and a soul of the country,” Yang added. “I was talking about putting more money in Americans’ hands because I saw we decimated entire ways of life in Michigan, Ohio, Pennsylvania, Wisconsin. And because I was talking in those terms about the real problems these people have experienced, again, 42% of my supporters were not going to support the Democratic nominee. I’m hoping that we can get some of those people to support Joe. But it would be helpful if Joe acknowledged it because one of the weaknesses of saying, ‘Hey, return to Obama years’ is that there are many Americans who were getting behind in those years, too, and they’re pissed off. And so, if you say, I’m going to revert, that loses to that group of people. There are so many Americans who just don’t think their institutions are working for him at all, and Joe Biden’s’s weakness is he represents those institutions. I’m endorsing Joe. We need Joe to beat Trump. But we’ll have a much better chance of that if Joe recognizes that our institutions have been failing many Americans for a long time.”

 

 

Obama’s State of Delusion ... OR JUST ANOTHER "Hope & Change" HOAX?

 

22 January 2015 

 

”The delusional character of Obama’s State of the Union

 

address on Tuesday—presenting an America of rising living

 

standards and a booming economy, capped by his declaration

 

that the “shadow of crisis has passed”—is perhaps matched

 

only in its presentation by the media and supporters of the

 

Democratic Party.”

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

“The general tone was set by the New York Times in its lead editorial on Wednesday, which described the speech as a “simple, dramatic message about economic fairness, about the fact that the well-off—the top earners, the big banks, Silicon Valley—have done just great, while middle and working classes remain dead in the water.”

 

OBAMANOMICS:

 

The report observes that while the wealth of the world’s 80 richest people doubled between 2009 and 2014, the wealth of the poorest half of the world’s population (3.5 billion people) was lower in 2014 than it was in 2009.

 

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

In 2010, it took 388 billionaires to match the wealth of the bottom half of the earth’s population; by 2013, the figure had fallen to just 92 billionaires. It fell to 80 in 2014.

 

THE OBAMA ASSAULT ON THE AMERICAN MIDDLE-CLASS

 

“The goal of the Obama administration, working with the Republicans and local governments, is to roll back the living conditions of the vast majority of the population to levels not seen since the 19th century, prior to the advent of the eight-hour day, child labor laws, comprehensive public education, pensions, health benefits, workplace health and safety regulations, etc.”

 

http://mexicanoccupation.blogspot.com/2015/01/oxfam-richest-one-percent-set-to.html

 

“In response to the ruthless assault of the financial oligarchy, spearheaded by Obama, the working class must advance, no less ruthlessly, its own policy.”

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

 

New Federal Reserve report

US median income has plunged, inequality has grown in Obama “recovery”

The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.

The report makes clear that the drop in a typical household’s income was not merely the result of what is referred to as the 2008 recession, which officially lasted only 18 months, through June 2009. Much of the decline in workers’ incomes occurred during the so-called “economic recovery” presided over by the Obama administration.

In the three years between 2010 and 2013, the annual income of a typical household actually fell by 5 percent.

The Fed report exposes as a fraud the efforts of the Obama administration to present itself as a defender of the “middle class”. It has systematically pursued policies to redistribute wealth from the bottom to the very top of the income ladder. These include the multi-trillion-dollar bailout of the banks, near-zero interest rates to drive up the stock market, and austerity measures and wage cutting to lift corporate profits and CEO pay to record highs.

The Federal Reserve data, based on in-person interviews, show a far larger decline in the median income of American households than indicated by earlier figures from the Census Bureau’s Current Population Survey.

In line with the figures on household income, the report shows an ever-growing concentration of wealth among the richest households. The Fed’s summary of its data notes that “the wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013,” while the wealth of the “next 7 highest percent of families changed very little.”

The report states that “the rising wealth share of the top 3 percent of families is mirrored by the declining share of wealth held by the bottom 90 percent,” which fell from 33.2 percent in 1989 to 24.7 percent in 2013.

The ongoing impoverishment of the population is an indictment of capitalism. There has been no genuine recovery from the Wall Street crash of 2008, only a further plundering of the economy by the financial aristocracy. The crisis precipitated by the rapacious, criminal practices of the bankers and hedge fund speculators has been used to restructure the economy to the benefit of the rich at the expense of everyone else.

Decent-paying jobs have been wiped out and replaced by low-wage, part-time and temporary jobs, with little or no benefits. Pensions and health benefits have come under savage attack, as seen in the bankruptcy of Detroit.

Not surprisingly, the Fed report has been buried by the American media, confined to the inside pages of the major newspapers.

Measured in 2013 dollars, a typical household received an income of $53,100 in 2007. By 2010, this had fallen to $49,000. It hit $46,700 by 2013. At the same time, the average income for the wealthiest tenth of families grew by ten percent.

While median income fell between 2010 and 2013, mean (average) income grew, from $84,100 to $87,200. The report noted that, “the decline in median income coupled with the rise in mean income is consistent with a widening income distribution during this period.”

For the poorest households, the drop in income has been even more dramatic. Among the bottom quarter of households, mean income fell a full 10 percent between 2010 and 2013.

The report reveals other aspects of the social crisis. The share of young families burdened by education debt nearly doubled, from 22.4 percent to 38.8 percent, between 2001 and 2013. The share of young families with more than $100,000 in debt has grown nearly tenfold, from 0.6 percent to 5.6 percent.

These statistics reflect both a historic and insoluble crisis of the profit system and the brutal policies of the American ruling class, which is carrying out a relentless assault on working people and preparing to go even further by dismantling bedrock social programs such as Medicare and Social Security. The data undercuts the endless talk of “partisan gridlock” in Washington and the media presentation of a political system paralyzed by irreconcilable differences between the Democratic and Republican parties.

There has, in fact, been a seamless continuity between the Bush and Obama administrations in the pursuit of reactionary policies of war abroad and class war at home. The two parties have worked hand in glove to make the working class pay for the crisis of the capitalist system.

The Federal Reserve has itself played a critical role in the growth of social inequality in the US. The bailout of the banks, estimated at $7 trillion, has been followed by six years of virtually free money for the banks.

Every facet of American life is dominated by the immense concentration of wealth at the very top of society. The grotesque levels of wealth amassed by the parasites and criminals who dominate American business, and the flaunting of their fortunes before tens of millions struggling to pay their bills and keep from falling into destitution, are fueling the growth of social anger. This anger will increasingly be directed against the entire economic and political system.

The figures released by the Fed reflect a society riven by class divisions that must inevitably trigger social upheavals. The explosive state of social relations is itself a major factor in the endless recourse by the Obama administration to military aggression and war, which serve to deflect internal tensions outward.

The growth of inequality likewise underlies the relentless attack on democratic rights in the US, including the massive domestic spying exposed by Edward Snowden and the use of militarized police to crack down on social opposition, as seen most recently in Ferguson, Missouri.